UK to lower stablecoin capital buffers, undercutting EU’s MiCA requirements
The Financial Conduct Authority’s proposal follows the Bank of England’s backtracking on the limit to the value of stablecoins an individual could hold.
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Summary
- The U.K.’s financial regulator plans to reduce the capital requirements for stablecoin issuers as it sets out its formal guidance for cryptocurrency regulations.
- The Financial Conduct Authority said it will cut the issuers’ capital requirement to 1% of the total value of their stablecoins in circulation from the previously proposed 2%.
- The FCA also aims to simplify the framework for crypto exchanges.
